The Senate on Wednesday once again rejected both plans to fund the federal government and end the shutdown, which now enters its ninth day.
Senators have so far voted six separate times on partisan measures to extend funding.
Republicans, with 53 Senate seats, need eight Democrats to cross the aisle.
Without a budget, the crypto policy agenda remains in limbo, but Washington insiders insist that momentum isn’t completely lost.
While the House remains in a shutdown-induced recess, the Senate appears to be in session for both budgetary and crypto matters.
Two people familiar with the matter told Blockworks that the Senate Banking Committee remains committed to moving crypto market structure policy along, even if that means holding a markup hearing mid-shutdown. Regardless of whether a budget is passed, Committee leadership hopes to markup the Responsible Financial Innovation Act before the end of the month, they added.
To recap, the House passed the CLARITY Act in July. The Senate Banking and Agriculture Committees have since been working on their own versions of the bill, which will eventually have to merge with each other and CLARITY.
Senate Banking Committee Republicans released a revamped version of their bill last month. Democrats responded with a list of principles they’d like to see in the legislation.
The Agriculture Committee has yet to release its draft, which will focus mainly on the Commodity and Futures Trading Commission’s role in crypto market regulation.
Pre-shutdown, a person familiar with the matter said the draft bill was “close,” but now, with federal agencies operating with limited staff, it’s going to take more time.
Agency staffers working with Congressional committees on policy — like cryptocurrency market structure — are largely furloughed during the shutdown, lowering the odds that we’ll see a draft soon, according to a person familiar.